Lennar Buys 22-Acre Development Site In Ontario For $30.9M

The development site in Ontario, spanning 22 acres, has been acquired by Stuart Miller of Lennar from Darren Richman of Kennedy Lewis Investment Management for a total sale price of $30,900,000. The property located at Archibald Avenue and Ontario Ranch Road is designated for the Falconcrest development, featuring 362 units in areas marketed as Ashbrook and Copper Leaf, along with 951 parking spaces and two-car garages for each unit.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $30,900,000
• Buyer: Stuart Miller - Lennar
• Seller: Darren Richman - Kennedy Lewis Investment Management
• Location: Ontario
• Acreage: 22 acres

Lennar's acquisition of the development site in Ontario signifies a significant investment opportunity, further solidifying their presence in the real estate market. Stuart Miller's strategic move to expand their portfolio with this purchase highlights the growth potential of the Falconcrest development. On the other hand, Darren Richman's decision to sell the land to Lennar reflects a successful transaction, showcasing Kennedy Lewis Investment Management's expertise in property dealings.